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TD Bank Personal Loans: 2023 Review

Updated on Jan. 1, 2023
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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
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Availability
Rating: 4.3 stars out of 5
4.3
Affordability
Rating: 4.3 stars out of 5
4.3
Customer Experience
Rating: 4.3 stars out of 5
4.3

About Bankrate Score

One of the 10 largest banks in America, TD Bank maintains about 1,100 locations throughout the Northeast, Mid-Atlantic, Washington D.C., North Carolina, South Carolina and Florida. In addition to offering unsecured personal loans, TD Bank financial products include checking and savings accounts, credit cards, home equity lines and loans and mortgages.
Moneybag
Loan amount $2,000 – $50,000
Rates
APR from 6.99% – 21.99%
Clock Wait
Term lengths 12 to 60 months
Credit Good
Min Credit Score 660
TD Bank is best for predictable monthly payments.

Best for predictable monthly payments 

TD Bank Fit Loans come with a fixed interest rate, which is helpful if you’re seeking predictable monthly payments. With loan funds available in as little as one business day, TD Bank can be an appealing option if you need cash quickly.

TD Bank pros and cons

Here are a few of the pros and cons that come with borrowing a personal loan from TD Bank. 

PROS

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    Brick-and-mortar option

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    Same-day approval

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    Low APRs

CONS

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    Undisclosed eligibility requirements

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    Limited availability

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    Average maximum amount

Do you qualify?

Aside from its minimum credit score requirement of 660, TD Bank doesn't disclose many of its eligibility criteria. However, most lenders and banks generally favor borrowers with a low debt-to-income (DTI) ratio, high credit score and steady income. 

What TD Bank doesn't allow loan funds to be used for

TD Bank doesn't allow its personal loans to be used for business or education-related expenses.

TD Bank versus Upgrade

Upgrade has similar credit requirements and the same maximum loan amount of $50,000; however, Upgrade does charge an origination fee between 1.85 percent to 8.99 percent,  which can significantly detract from the value of your loan. TD Bank doesn't charge origination fees, which can make the bank a more affordable option when compared to Upgrade. 
 

TD Bank versus Prosper

Both personal loan companies offer the same minimum APR, but TD Bank's maximum rates are lower than Prosper's maximum of 35.99 percent. Borrowers in good financial standing with a fair credit score may want to consider TD Bank before turning to Prosper to save money on potentially high rates. 

TD Bank: in the details

What we like and what we don’t like

Here's what we like about TD Bank and what we're not the biggest fan of. 

What we like

  • Same day approval: Known for offering fast, same-day approvals on its TD Fit Loan, this bank is a good choice for those seeking an expedited process to access a personal loan.
  • Brick-and-mortar option: For those who prefer an in-person banking experience, TD Bank has 1,100 stores and 700 ATMs across the country.
  • Low APRs: TD Bank's rates are competitive for its most creditworthy applicants. 

What we don't like 

  • Undisclosed eligibility requirements: The bank doesn't disclose its eligibility criteria on its website so borrowers don't know if they qualify until after they apply.
  • Limited availability: TD Bank's personal loans aren't available in every U.S. state, unlike other online lenders and banks. 
  • Average maximum amount: It has a maximum borrowing amount of $50,000, which is average compared to other lenders, some of which offer maximum amounts of up to $100,000.

How to contact TD Bank

You can call TD Bank at 1-877-300-4080, visit a physical bank, reach out via its Facebook Messenger or message the bank on Twitter with any general questions. 

How to apply for a personal loan with TD Bank

You can apply for an unsecured loan on the bank’s website. TD Bank claims that consumers can get initial approval in as little as a minute and have their funds as soon as the next business day.

To complete the loan application, you’ll need basic personal information and the following additional information:

  • Your Social Security number.
  • Any expenses, such as mortgage or rent, you currently have.
  • Your employment history and income.
Before settling on a lender, it’s a good idea to explore multiple options. You may find a lower rate or better terms from another lender. When shopping, make sure to compare personal loan rates based on your specific needs, including loan amount, credit score, location, income and loan purpose.

Features and additional perks

TD Bank won the 2022 Bankrate Award for best personal loan from a bank. It received the highest Bankrate Score of bank lenders and has the online resources borrowers need and wants. 

Fees and penalties

TD Bank keeps fees for its loans to a minimum. It doesn’t charge an origination fee, application fee, monthly fee, annual fee or prepayment fee. However, loans come with a late payment fee that’s 5 percent of the minimum payment due or $10, whichever is less. In addition, Florida residents will pay a document stamp fee.

How Bankrate rates TD Bank

Overall Score 4.3 Explanation
Availability 4.3 Quick, same-day approval and funding in as little as one business day.
Affordability 4.3 Very few fees charged overall and low 6.99% APR.
Customer Experience 4.3 24/7 customer support, highly rated mobile apps and online access and application.

Methodology

To select the top personal loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Bankrate reviewed 41 lenders and gave each a Bankrate rating, which consists of three categories:

  • Affordability: The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score.
  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.
  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.